Why waste your time?

Baron said:
...that a college dropout with no programming experience could create a multi-million dollar online community for traders in 1997 and attract a who's who list of industry sponsors and keep everything running smoothly for 20+ years? ...
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You forgot to add, "and keep most of his hair in the process."
 
Euler09 said:
If 5% of traders are successful, meaning they report trading as the majority of their income, why would you even bother?

5% means 5 out of 100 and its only the majority not all of their income. Meaning they can make 20k a year from trading and 10k a year from something else. That would be eligible for part of that 5% but is that what you expect, if! You are successful?

If you are part of that 5% is that what you envision? Also how many hours do you work, technically? If you are successful, meaning you are in that 5%, and you work 80 hours a week would you be happy with, 20, 30,40 or 50 thousand a year?
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I work 5 hours a week. I mean actually working. I’m still watching all of time.
I pull in much more than even a surgeon does, what’s the problem with that?
The doc went to med school and spent 15 years in education, I spent much less and learned very valuable lessons.
Now, he makes 400-700k a year.
And, I hire him because he spent that long in school, only to make less than 700k a year.

I spent a decade eating shit, 70+ hour weeks and not even off on holidays.
If you are not willing to sacrifice even five years, you don’t deserve to be a professional trader.
 
Overnight said:
We know this?
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Of all the influential traders, tell me which one made their money day trading.
Baron said:
Hey, if you want to talk odds, think about what the odds are that a college dropout with no programming experience could create a multi-million dollar online community for traders in 1997 and attract a who's who list of industry sponsors and keep everything running smoothly for 20+ years? I can assure you the odds of that succeeding are way less than 5%, but you know what, I DID IT. :D

So it's not about what the generic odds of failing are. It's about what the odds are that you're personally going to say to yourself, "I Quit". For me, the answer is always the same: "Never".
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Although a rags to riches story is encouraging and speaks to what CAN be done, not everyone can be that successful or impressive. For every winner there are 1000 losers
 
Euler09 said:
Of all the influential traders, tell me which one made their money day trading.
...
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Two points here.

First...

You are now quoting something I responded to regarding your comment about how stock brokers made their money whether the client made money, or lost money.

Second...

...If 5% of traders are successful, meaning they report trading as the majority of their income, why would you even bother?
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You indicated traders, not DAYTRADERS specifically. What really is the point you are trying to make in this thread? Spit it out laddie!
 
Euler09 said:
If 5% of traders are successful, meaning they report trading as the majority of their income, why would you even bother?

5% means 5 out of 100 and its only the majority not all of their income. Meaning they can make 20k a year from trading and 10k a year from something else. That would be eligible for part of that 5% but is that what you expect, if! You are successful?

If you are part of that 5% is that what you envision? Also how many hours do you work, technically? If you are successful, meaning you are in that 5%, and you work 80 hours a week would you be happy with, 20, 30,40 or 50 thousand a year?
More...

With trading, I studied for 80 hours a week for a long time.. I felt like it was worth it because I was thinking long term not short term.. It took me 8 years to get good at trading and 10 years to start making consistent money.. I don't know where you get 50k a year from.. In a good month, I can make 50k.. One of my other trading buddy is doing way better than me.. He has an 8 figure account and been tradng for 25 years..

I sacrifice 10 years of my life, so I can live my next 60 years stress free.. Sounds like a good risk/reward to me..
 
  1. You income estimate for a professional trader are way too low unless we are talking exclusively about people that are self employed and trade for their own account
  2. I think professional success rates are more or less the same in investments as in any other high end skilled profession
  3. The perceived failure rate is skewed by the low barriers to entry (anyone with a brokerage account is a trader)
  4. Most importantly, you don't really have to do it full time. If being a skilled trader/investor simply improves returns on your nest egg, you are doing better than most Americans.
 
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MarketAddict said:
With trading, I studied for 80 hours a week for a long time.. I felt like it was worth it because I was thinking long term not short term.. It took me 8 years to get good at trading and 10 years to start making consistent money.. I don't know where you get 50k a year from.. In a good month, I can make 50k.. One of my other trading buddy is doing way better than me.. He has an 8 figure account and been tradng for 25 years..

I sacrifice 10 years of my life, so I can live my next 60 years stress free.. Sounds like a good risk/reward to me..
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What is your average returns as a percentage, liar?
 
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